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Over the last two years, as the value of the cryptocurrency market reached dizzying new heights, publishers that covered the industry shared briefly in its wealth, with exchanges like Coinbase, Crypto.com and FTX spending lavishly on advertising to acquire new customers.
But since April, declining adoption and waning consumer trust in the technology have led to a steep downturn in marketing spend, forcing publishers such as CoinDesk, Decrypt, The Block and others to adapt to a far less hospitable economic landscape.